ZURICH (Reuters) – Swiss Life on Wednesday reported half-year net profit up 4% and better than expected, citing higher fee and commission income across its divisions.
Net profit in the first half reached 642 million Swiss francs (664.23 million euros) exceeding analysts’ expectations of 623 million francs, according to Refinitiv estimates.
Fee and commission income rose 13% in local currencies to 1.17 billion francs, the company said, while its fee and commission income rose 17% to 349 million francs.
The company confirmed its financial targets until 2024.
“We delivered a strong result in the first half of 2022,” Chief Executive Patrick Frost said in a statement.
“I am particularly pleased that all divisions have been able to increase their fee and commission income, their fee and commission result as well as their transfer of cash to the holding company.”
In the first half of 2022, Swiss Life recorded an adjusted operating profit of CHF 922 million, an increase of 6% compared to the first half of 2021.
Direct investment income increased slightly from CHF 1.97 billion a year earlier to CHF 1.98 billion, while its non-annualized direct investment return increased by 10 basis points to 1.2 %.
(Report John Revill, French version Elitsa Gadeva, edited by Kate Entringer)
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